World Bank ties with SL Govt. to develop Jaffna
The Government of Sri Lanka and the World Bank today signed a $55 million loan to Sri Lanka to improve urban services, preserve cultural and environment assets, and improve livability in Jaffna, adding the city to an existing project to develop Galle and Kandy.
The credit agreement for the project was signed by Dr. R.H.S. Samarathunga Secretary to the Treasury, Ministry of Finance and Françoise Clottes, World Bank Country Director for Sri Lanka and the Maldives.
The credit will add development of rapidly urbanizing Jaffna to the existing Strategic Cities Development Project (SCDP), which is supported by the World Bank and was originally approved in 2014.
“Well planned cities can be centers of innovation and job creation as experienced in many parts of the world and this is an opportunity for Sri Lanka to connect people to prosperity,”said Françoise Clottes, World Bank Country Director for Sri Lanka and the Maldives. “There is substantial potential for economic growth in Jaffna, now that peace has returned. An improved urban environment is a favorable habitat for the developing enterprises that one day will become the engines of growth.”